Rock Resources closes financings, grants options
Rock Resources Inc RKR
Shares issued 21,543,508 Apr 20 close $0.20
Wed 21 Apr 99 News Release
Mr. Thomas Kennedy reports
The company has closed the convertible debenture private placement
announced in Stockwatch March 1, 1999, providing gross proceeds of $400,000
which has a conversion feature allowing conversion into units at 15 cents
per unit if converted in the first year, and 20 cents per unit if converted
in the second year, with each unit comprised of one share and one two year
warrant to purchase one additional share at 15 cents during the first year
and 20 cents during the second year.
The company has also closed the private placement announced in Stockwatch
March 2, 1999, for 333,333 units at 15 cents per unit providing gross
proceeds of $50,000, each unit comprised of one share and one two year
warrant to purchase one additional share at 15 cents during the first year
and 20 cents during the second year. The securities issued will bear a hold
period of four months (expiring July 1, 1999), and the warrants will expire
on March 1, 2001. The proceeds of the financings will be used for
continuing expenses with respect to the company's Chilean mineral property,
general working capital and payment of current obligations.
Finders' fees payable to Woodcrest Enterprises S.A. (of 186,167 shares with
a hold period until July 1, 1999), applicable to the convertible debenture
of March 1, 1999, have been approved by the Vancouver Stock Exchange. There
are no finders' fees payable applicable to the private placement announced
March 2, 1999.
With respect to the news release in Stockwatch Nov. 3, 1998, regarding the
closing of a convertible debenture and a private placement, the hold
periods should have read 12 months with an expiry date of Aug. 19, 1999,
and Sept. 4, 1999, respectively. With respect to the convertible debenture
and private placement closings announced in Stockwatch March 1, 1999, the
hold periods should have read 12 months with an expiry date of Nov. 24,
1999, and Dec. 4, 1999, respectively.
Rock Resources has granted incentive stock options for 900,000 shares,
exercisable on or before April 21, 2004, at 18 cents per share.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com
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